We saw a pick up in futures volume yesterday as a push lower forced weak longs to liquidate. However, underlying share volume was still low at 3.2bn on NYSE. Ahead of today's employment report there was an 8 point rally from the low into the close back into the range, leaving no excess on the lows.

Overnight the range is currently 2096.50-2102.75 versus settlement at 2099.00, and is a high volume area on the composite profile. We could see many scenarios playing out today depending on the news at 7.30ct. The chart below shows potential reactions I see on particularly strong or weak data, otherwise we are likely to see false breaks and return to value on in-line numbers.